Some Details About Swift Transfers To

[Thaiquila]

A few years ago I did a SWIFT transfer to Siam Commercial Bank for a condo purchase, and my real estate broker told me to use this swift code:

SICOTHBX

It worked, but upon checking the info on the bank's website the actual swift code is:

SICOTHBK (with an ending K, not an X).

Seems kind of weird that it worked. Anyone know if the bank has two swift codes for different purposes?

Anyway, another question:

If I have an account at the Jomtien branch, when asked for the street address of the account, should I put the Jomtien branch address, or the main Bangkok address?

And another:

My bank account name clearly says MISTER Name Name

Should I use the word MISTER as part of the name (I would rather not), or if I don't, will the name not match?

Details, details ...

[unforgiven]

A few years ago I did a SWIFT transfer to Siam Commercial Bank for a condo purchase, and my real estate broker told me to use this swift code:

SICOTHBX

It worked, but upon checking the info on the bank's website the actual swift code is:

SICOTHBK (with an ending K, not an X).

Seems kind of weird that it worked. Anyone know if the bank has two swift codes for different purposes?

Anyway, another question:

If I have an account at the Jomtien branch, when asked for the street address of the account, should I put the Jomtien branch address, or the main Bangkok address?

And another:

My bank account name clearly says MISTER Name Name

Should I use the word MISTER as part of the name (I would rather not), or if I don't, will the name not match?

Details, details ...

what's a swift cost?

[Thaiquila]

Most banks charge about 40 dollars.

[Inspector 2211]

what's a swift cost?

FYI:

Washington Mutual has TV commercials which state that outgoing wire transfers are FREE.

[lopburi3]

I don't believe you will find "foreign" wire transfers free at any bank.

There may well be more than one code for SCB (I believe I noticed that some years ago on a Swift search) and you could Google and find out as the codes are listed on a website as well as by the banks.

I would put the full name and use the street address of your branch bank.

[~G~]

A few years ago I did a SWIFT transfer to Siam Commercial Bank for a condo purchase, and my real estate broker told me to use this swift code:

SICOTHBX

It worked, but upon checking the info on the bank's website the actual swift code is:

SICOTHBK (with an ending K, not an X).

Seems kind of weird that it worked. Anyone know if the bank has two swift codes for different purposes?

Might have been resolved by the other details of the transfer. We also use SICOTHBK.

If I have an account at the Jomtien branch, when asked for the street address of the account, should I put the Jomtien branch address, or the main Bangkok address?

Give the Jomtien branch details, that's the final destination of the money.

Should I use the word MISTER as part of the name (I would rather not), or if I don't, will the name not match?

The transfer first reaches the head office of SCB, International Transfers Department, they check the details and forward it to the relevant branch. It doesn't just go straight to your branch automatically, as far as I understood from them (I had a problematic transfer once and got to know some of the procedures). I assume that is why those transfers take days and not seconds. So if there is a mistake in a minor detail they can resolve it (they will not let go of the money that easily...).

[Soju]

I don't believe you will find "foreign" wire transfers free at any bank.

It depends on your bank and which product you have. With HSBC Premier, they don't charge a fee for wire transfers to another country, although the receiving bank still will likely charge a fee. Of course to get HSBC Premier you need a minimum balance of something like 50,000 to 100,000 USD, depending on the country where your account is located.

[OldAsiaHand]

All that really matters is the name of the receiving bank and the account number that is to be credited.

SWIFT codes are generally applied automatically to the name of the receiving bank from a data base (which is why, in your case, getting it wrong didn't make any difference), but it doesn't hurt to provide it if you know it. Your own name is only used to cross check the account number, if anyone even bothers, and the name of the branch is completely irrelevant. An untold number of transfers are made everyday to numbered accounts in named banks without any further data provided.

[Thaiquila]

what's a swift cost?

FYI:

Washington Mutual has TV commercials which state that outgoing wire transfers are FREE.

Washington Mutual is NOT a real bank! WAMU is to banking as USA Today is to journalism, as McDonalds is to fine cuisine. Incredibly, they offer NO method whatsoever to do a wire transfer unless you physically show up at a branch in the US. No provision for prearranging a wiring agreement and password. No provision for sending a fax, letter, phone call, or man on a horse.

Did I mention I don't like Washington Mutual?

Thanks for the info folks!

Edited August 2, 2006 by Thaiquila

[Inspector 2211]

I don't believe you will find "foreign" wire transfers free at any bank.

It says it right here: Free outgoing wire transfers (foreign and domestic)

Washington Mutual Free checking terms & conditions

OK?

[Thaiquila]

I don't believe you will find "foreign" wire transfers free at any bank.

It says it right here: Free outgoing wire transfers (foreign and domestic)

Washington Mutual Free checking terms & conditions

OK?

Not OK. You can only do if you show up at a branch in the US. Physically. No other way possible. This is not a bank, it is a McBank.

***Wire Transfer: Non-refundable foreign currency exchange charges and intermediary and beneficiary bank fees may apply.

[julie_f]

I have sent money from Uk to Siam commercial in BKK

cost 21 pounds for any amount with Firstdirect

The correct swift code is the one you found on the internet. It may be that the he didnt write it down clearly and thought an X not K

as for the name give the name as on the account you are transfering it to. You may also need the address of the branch

[eddy-ham]

The banking may be free but the rate of exchange charged will be where the money is made!!!!

Which brings me on to a subject that I did not know about.Having sent money over here to buy a small partment I was advised that to get the money out from the Thai bank and buy a appart I would need a TorTor3 which can only be obtained if the money transfered from abroad came in as non Baht and had a note from the sending bank stating its use!!.

This problem has been sorted out but the sending bank refused to give a note regarding use of the money unless I had proof that I had brought the property, a bit Catch 22 really............

[lopburi3]

I don't believe you will find "foreign" wire transfers free at any bank.

It says it right here: Free outgoing wire transfers (foreign and domestic)

Washington Mutual Free checking terms & conditions

OK?

Did you read the conditions? What, I wonder, are non-refundable foreign currency exchange charges?

***Wire Transfer: Non-refundable foreign currency exchange charges and intermediary and beneficiary bank fees may apply.

[thohts]

I actually think SCB has pretty good exchange rates. Better than Bangkok Bank, Bank of Ayudhya, and a few others.

If you send dollars from the US, then the conversion will be done at your bank here. (Yes, your bank can do this even if they say they can't)

If you first convert them to baht in the US, then your rate of exchange will not be so good.

Edited August 3, 2006 by thohts

[thaitero]

I just tried to send money first time to siam commercial fom my online european bank account.

I tried to use SICOTHBK as a swift code.

All i got was message that "please check your swiftcode" You have wrong swiftcode.

My online Bank gave me http://www.swift.com/ url to check the real code.

From there i got code SICOTHBKXXX and with that code my payment was processed..

Pretty odd..

On siam commercial website the code is SICOTHBK

I hope my payment will find it´s way to Thailand

Edited August 3, 2006 by thaitero

[lopburi3]

It appears the new format for Swift code is 11 characters so the "X" is used to fill out the 11 places for old names that used less.

[Maestro]

It appears the new format for Swift code is 11 characters so the "X" is used to fill out the 11 places for old names that used less.

My bank’s database for online payment orders recognizes SWIFT codes shorter than 11 characters and automatically adds the required number of Xs.

thaitero, your bank appears to be using outdated software, but no harm done: your remittance, with those Xs added to the SWIFT code, will arrive.

--------------

Maestro

[peterjackson]

Hey

For Lopburi3 ~ The Washington Mutual ~ Non-refundable Foreign Exchange charge is currently 2%. If you send money Internationally, WAMU use an Intermediary, whose charge for the wire is presently $ 15. If you ask for the transfer to be done in $, you don't pay the FX Charge.

As Thaiquila said, WAMU aren't really a 'Bank' in the true sense of the word. They are withdrawing from providing Safe Deposit Box services, Notary Services and don't even offer Foreign Currency Exchange.

They are good for online ACH transfers to other Banks though, including Krung Thai in LA and Bangkok Bank in NYC. They will transfer the money as a $ amount and leave the conversion up to the receiving bank.

Just as a side Issue, I have found HSBC Direct to provide a good service with fair rates. FREE ATM withdrawals at any HSBC ATM in the world and only a $ 1.50 charge for Non-HSBC ATM's.

I have a Private Banking Account at Bank of America and they give me Fee Free Foreign Wires but you have to either arrange them in person or via a Power of Attorney, if you are not present in the USA.

Just FYI, I did a comparison shop last week of Exchange Rates offered by different Institutions, here are my results : Krung Thai 37.94 ~ HSBC ATM 37.93 ~ WAMU MasterCard 37.25 ~ BOA Visa 37.58 all against the $. BOA Foreign Currency where 33.81 to the $.

I do have 1 question, is there a charge for Exchanging An Amex. $ Travellers Cheque at a Thai Bank and do you have to have an account with the Bank to do it ?

Kind regards

Peter

[lopburi3]

There is a small stamp charge for travelers checks here in Thailand so it is best to use higher denominations if you use at all. The stamp charge is per check not amount. Believe it was only about 12 baht so some such amount. There are exchange counters at major bank branches for this type of transaction but not at all. You do not have to have an account to use this service. In tourist areas there are also external exchange kiosks. I have not used TC for 10 years or so but they often required you to provide your purchase receipt as well as passport to cash here (you are not supposed to carry receipt with checks per most bank instructions).

[peterjackson]

Hey

Thanks for the quick reply. I don't even have my purchase receipts for the cheques that I have. I obviously have my passport. Most of my cheques are $ 500 or $ 1000 so 12 baht each, is neither here or there.

Is there a restriction as to how much you can bring into Thailand by way of Currency/Travellers Cheques. I presume there would be some kind of Customs Regulation, but have never been able to locate the details ?

When I come over next year, I'll probably be settling on Phuket Island so finding places to Exchange them, wouldn't be difficult. I'll also be opening a Krung Thai Bank account, I think.

Kind regards

Peter

[Sophon]

It appears the new format for Swift code is 11 characters so the "X" is used to fill out the 11 places for old names that used less.

Actually the format for SWIFT codes has always been 8 or 11 characters. A banks main SWIFT code will be 8 characters, and if the bank wishes they can register "sub" SWIFT codes, which will then be 11 characters.

Example:

Siam Commercial Banks main SWIFT code is SICOTHBK, and if they want they can register alternative codes. Lets say they wanted a SWIFT code for their Pattaya regional head-office, that code would then be something like SICOTHBKPAT.

These alternative SWIFT codes are normally not used when making transfers, but used to exchange other kind of SWIFT-messages. So as a customer all you really need to know the main SWIFT code.

It's true that when the actual SWIFT message is sent, the 8 character SWIFT codes will often be "filled in" with three x's to "make up the numbers". But that doesn't change the fact, that the official SWIFT code is SICOTHBK, and if your bank is requiring you to enter SICOTHBKXXX when making a transfer, then they don't really know what they are doing.

Sophon

[lopburi3]

if your bank is requiring you to enter SICOTHBKXXX when making a transfer, then they don't really know what they are doing.

Believe that is a little strong as the official Swift web site indeed does list the 11 characters for all Swift codes now.

[Krub]

I instructed my japanese bank in Tokyo to make a transfer in yen by SWIFT to my account at SCB in central Thailand.

order on Thursday morning and I could see the funds posted on my SCB baht account online on Friday afternoon.

That is very good, fast service.

I cannot yet work out the fee structure in Thailand but the rate is much much better when the conversion is done in Thailand.